Chanakira adopts Robert Mugabe tactics to cling to power

Chanakira owes his business success to his auncle the then Minister of Finance, Hebert Murerwa who through his political clout gave unfattered cash access into quasi- State institutions like NSSA to form his bank, Kingdom Bank Ltd

The underfire, former darling of the Zimbabwean black entrepreneurship is now roundly accused in business circles for adopting Zanu PF style of resolving boardroom power struggles using police thugs and abusing the specification laws on business rivals to appease his handlers.

He has since fallen-out with his longtime friend Strive Masiyiwa whose company EWHL is the largest institutional investor driving the KMAL De-Merger. 

Responding to a decision by the KMA Group to convene an extraordinary general meeting to remove him from its board and subsidiary companies, he said KMA had ignored to mention in its notice that there were some agreements its directors had to sign before the demerger could be completed.

Mr Chanakira said he had not refused to resign, but pointed out that some outstanding corporate governance and administrative processes had to be followed before Kingdom Financial Holdings and Kingdom Meikles Africa were demerged and re-listed separately on the Zimbabwe Stock Exchange.

"For example, we have to agree on the valuations of the two companies and this is important to protect the interests of shareholders of both companies," said Mr Chanakira.

The KFHL boss said KMA had persistently refused to discuss valuation of the two entities prior to the complete demerger that would have paved way for their re-listing "which we are saying is not correct".

"Naturally they have a responsibility to their shareholders and we respect their intention to hold an EGM. We too have the interests of our shareholders to consider and we reserve our options because our aim in this process is to also ensure that we protect shareholders," said Mr Chanakira.

KMA called for an EGM seeking the removal of Mr Chanakira and two other directors Mr Callisto Jokonya and Ms Sibusisiwe Bango, accusing them of refusing to relinquish their positions as agreed at an EGM held last June.

An extra ordinary general meeting to approve the demerger between the former Meikles Africa Limited and Kingdom Financial Holdings had agreed that Messrs Chanakira, Jokonya and Bango would step down from the KMA board.

The EGM will be held on September 24.